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Hi Sifted reader,

We write a lot about female founders: why Europe needs more, the challenge of visibility and above all the lack of funding they get. So when we heard that some had signed up to a new £10m fund, we were interested. But when we started digging, we learnt that they had not received money, nearly a year after being promised the funds. Read on for the full story.

Also from the Sifted newsroom:

• Funding in CEE is surging
• How to solve feedback fatigue

• Europe's microdosing startups

— Alex, writer & Tom, digital editor

Last August, Claire Walsh was looking for support for her startup, an ethical investment platform, when Louise McCarthy’s profile caught her eye. 

When she reached out to ask for advice from the 56-year-old businesswoman — who lists Bain, HSBC and Aviva on her CV — she got an even better response than she expected. McCarthy was setting up a fund to back female-founded companies, and Walsh’s company looked like a match. 

But nearly a year later, that money has still not arrived. And Walsh wasn't alone. 

This is the story of Athena Ventures, a mystery fund that never delivered and the more than a dozen female founders who were left empty handed. 

So what happened? 

Economic slowdowns are inevitable — so with funding harder to come by, how can you maintain growth and leverage the unexpected opportunities that come to light?

Find out on August 31

Central and eastern Europe has been turned upside down since Russia invaded Ukraine earlier this year.

But plenty of people, and plenty of startups, are carrying on regardless — and succeeding more than ever. New data shows that VCs have more than doubled the amount of investment into the region this year.

So what's drawing them to CEE?

Is your team struggling for motivation, or suffering from lapses in concentration? One reason may be too much unsolicited feedback — a tricky thing to get right at the best of times.

But, Vinted's director of people growth Michael Nicodemus argues, the solution lies in placing the power back into the hands of your employees.

Here are his top tips for avoiding feedback fatigue.   

Our weekly Pro briefings give you the lowdown on Europe’s hottest sectors, and the up-and-coming startups to have on your radar. Join Sifted Pro to gain exclusive data and insights on the early-stage startup ecosystem before anyone else.

Apply now!

Some founders reckon they might have cracked the solution to flagging at work — microdosing psilocybin.

The humble magic mushroom, packaged into tiny doses, is at the heart of a booming subsector in Europe's psychedelic space.

Tim Smith has the lay of the land for microdosing in Europe.

Unless you've been living under a rock for the past few weeks, you'll know that the Sifted Summit 2022 is coming to London this October! With more than 1,500 guests — not to mention Sifted's crack team of journalists — spread across two jam-packed days, it's going to be the startup event of the year.

If you've not bagged yourself a ticket yet, move fast — early bird prices end this Wednesday. Get yours here.

Lots of our speakers have also featured in Sifted's oped pages before, so we've rounded up some of the highlights to give you a flavour of what to expect:

👗 Trinny Woodall: I sold my wardrobe to fund my startup instead of taking VC cash

🎓 Timothy Armoo: Five lessons from an eight-figure exit
🙅‍♀️ Tessa Clarke: Female founders need money, not more mentoring
✈️ Lewis Z Liu: Goodbye London, hello New York: why we moved our headquarters
🤬 Johannes Lenhard: VC is still a boys’ club. Here’s how to end it

Plus...

🎧 Don't forget to check out the Sifted Podcast. This week Amy and Eleanor chat employee mental health and how crypto exchange Ziglu had its valuation cut in half by its buyer, Robinhood.

Alex Oscroft

Subeditor

Get in touch with him at alex@sifted.eu

Or find him on Twitter @alex_oscroft

Tom Nugent

Digital Editor 

Get in touch with him at tom@sifted.eu
Or tweeting at @TJNugent92

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